Press "Enter" to skip to content

A $4B Non-Profit Has Been Established for Stablecoins

Terra has donated 50 million LUNA to the organization.

Terra is aiming to foster its whole ecosystem through a non-profit that would mentor and provide grants to developers and also increase the adoption of its stablecoins.

Terraform Labs has announced the formation of the Luna Foundation Guard (LFG) — a non-profit organization established in the Republic of Singapore.

LFG aims to drive awareness of blockchain technology, build out educational programs, advancement of open-source technology, facilitate the growth of the Terra ecosystem, and improve Terra’s algorithmic stablecoins.

Its core focus is to strengthen UST’s peg.

The vision is not just confined to stablecoins. LFG will also provide grants to builders, researchers, community members, and anyone who benefits from the Terra ecosystem.

Grants will be provided to three primary categories:

1. Open-Source Technology Development

2. Research & Education

3. Community Growth

LFG is governed independently by an independent Governing Council consisting of industry leaders and experts including 

  • Do Kwon (Co-Founder and CEO of Terraform Labs)
  • Nicholas Platias (Founding member of Terraform Labs)
  • Kanav Kariya (President of Jump Crypto)
  • Remi Tetot (Co-Founder of RealVision)
  • Jonathan Caras (Project Lead at Levana Protocol)
  • Jose Maria Delgado (Co-Founder of Delphi Digital)
  • Bill Chin (Head of Binance Labs Fund)

The Governing Council will be expanded in the future to include leading builders in the Terra ecosystem.

Stablecoins have a combined market capitalization of approximately $170 billion, according to the data of Messari. Terra’s stablecoin, TerraUSD (UST), has a market capitalization of nearly 11 billion.

Currently, it is the leading decentralized algorithmic stablecoin in the market and 4th overall behind Tether, USDC, and BUSD.

Terraform Labs has donated 50 million LUNA amounting to $4 billion to LFG to drive the adoption of Terra’s stablecoins and foster its whole ecosystem. It is an important news for the Terra ecosystem. However, even this could not stop Terra’s native token LUNA from posting a red candle.

At the time of publication, LUNA is trading at 72 USDT on Binance.

Collaboration is the key to success. Since the whole crypto industry is treading the path of uncertainty due to its unregulated status, collaboration would enable new projects to rise. This unregulated status drives away a lot of Venture Capital investment from the industry.

News recommendation: Russia Calls for Ban on Crypto

Be First to Comment

Leave a Reply

Your email address will not be published.

Latest Posts
Send this to a friend